PCQ and PNF Report Results for the Fiscal Quarter Ended July 31, 2009
05 Octobre 2009 - 10:00PM
Business Wire
PIMCO California Municipal Income Fund (NYSE: PCQ) and PIMCO New
York Municipal Income Fund (NYSE: PNF) (the "Funds") today
announced their results for the fiscal quarter ended July 31, 2009.
The Funds are non-diversified closed-end management investment
companies. The investment objective of each Fund is to provide
current income exempt from federal income tax. California Municipal
Income Fund also seeks to provide current income exempt from
California state income taxes. New York Municipal Income Fund also
seeks to provide current income exempt from New York state and city
income taxes.
California Municipal Income
New York Municipal Income At July
31, At July 31, 2009
2008 2009 2008 Net
Assets (a) $345,511,463 $389,294,536 $119,390,037 $156,078,325
Common Shares Outstanding 18,202,242 18,126,229 7,565,836 7,545,256
Net Asset Value ("NAV") $10.74 $13.20 $9.57 $12.34 Market Price
$11.76 $15.75 $10.14 $12.44 Premium to NAV 9.50% 19.32% 5.96% 0.81%
Undistributed (Overdistributed)
Net Investment Income Per Common Share (b)
$0.0682 $(0.0270) $0.0433 $(0.0018)
Quarter
ended July 31, Quarter ended July 31,
2009 2008 2009
2008 Net Investment Income $5,644,362 $4,774,058
$1,684,405 $1,728,899 Per Common Share $0.31 $0.26 $0.22 $0.23 Net
Realized and Change in Unrealized Gain (Loss) $1,088,183
$(7,203,223) $2,500,366 $(2,739,183) Per Common Share $0.06 $(0.40)
$0.32 $(0.36)
(a) California Municipal Income Fund's net assets are inclusive
of market value of Preferred Shares of $150 million. New York
Municipal Income Fund's net assets are inclusive of market value of
Preferred Shares of $47 million and $63 million at July 31, 2009
and July 31, 2008, respectively.
(b) Since net earning rates fluctuate from month to month while
monthly dividends have remained relatively stable, there will be
periods when the Funds may over-earn or under-earn their monthly
dividends, which would have the effect of adding to or subtracting
from the Funds' undistributed (overdistributed) net investment
income balances. The Funds' management analyzes current and
projected net earning rates prior to recommending dividend amounts
to the Board of Trustees for declaration. There can be no assurance
that the current dividend rates or the undistributed
(overdistributed) net investment income balances will remain
constant.
Allianz Global Investors Fund Management LLC ("AGIFM"), an
indirect, wholly-owned subsidiary of Allianz Global Investors of
America L.P., serves as the Funds' investment manager and is a
member of Munich-based Allianz Group (NYSE: AZ). Pacific Investment
Management Company LLC, an AGIFM affiliate, serves as the Funds'
sub-adviser.
The Funds' daily New York Stock Exchange closing prices, net
asset values per share, as well as other information, is available
at http://www.allianzinvestors.com/closedendfunds or by calling the
Funds' shareholder servicing agent at (800) 254-5197.
The financial information contained herein is solely based upon
the data available at the time of publication of this press
release, and there is no assurance that any future results will be
the same or similar to what is reported herein. Information that
was obtained from third party sources we believe to be reliable is
not guaranteed as to its accuracy or completeness. This press
release contains no recommendations to buy or sell any specific
securities and should not be considered investment advice of any
kind. Past performance is no guarantee of future results and the
investment returns generated by the Funds will fluctuate. There can
be no assurance that the Funds will meet their stated objective.
The Funds' ability to pay dividends to common shareholders is
subject to the restrictions in their registration statements,
by-laws and other governing documents, as well as the Investment
Company Act of 1940. In making any investment decision, individuals
should utilize other information sources and the advice of their
own professional adviser.
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